What Is A Mortgagee In Possession? (6 Reasons Why It Happens)

What is Mortgagee in Possession

Are you curious what the term “Mortgagee in Possession” actually means in Australia? Occasionally, some homeowners go through severe problems.

It can mean different things in different countries. We’re Australian so we’ve built this website for our great country.

What is Mortgagee in Possession in Australia?

In short, Mortgagee in Possession is when you default on your mortgage repayments and they decide to take your house away from you.

Mortgagee in Posession Australia

You’ve stopped paying and the house now belongs to them. You need to move out ASAP and give them the keys back to the Mortgagee which is your bank.

How this happens

Most Australians borrow money from the bank to buy their home and from there, they become trapped by debt. The property becomes a guarantee.

In other words, if you don’t pay the loan and they will take the house away. Even if you’ve made renovations or improvements, then they don’t care – it belongs to them.

debts to avoid Australia

In fact, you signed yourself up for 25 to 30 years of this struggle. You’ll be paying them back 2 to 3 times more than what you’ve paid initially.

Australian banks have the right to take possession of your house if you stop paying your mortgage. This way they can sell it to recover their losses, even if they sell it for less than it’s worth.

When Australian homeowners get in trouble

Each year, thousands of Mortgagee in Possession properties come up for sale on ww.realestate.com.au and we wondered why. Surely there can’t be that many people struggling debt repayments. As it turns out, there are!

These reasons are the most common in our country for such properties to come up for sale on popular real estate websites. Often these properties are sold faster because the bank just wants some money quickly.

Here are the most common reasons for people who stop paying their mortgage in 2020:

1. The homeowner loses their job and struggles to get another one

If that’s you, then you might qualify for a repayment holiday from your bank. Contact them and see what they say. You can also use the severe financial hardship card to your advantage. People who lose their jobs are the most common reason, especially in country areas where it’s hard to get work.

2. Interest rates go up too high

Australia currently has the lowest interest rates in history but they’re not going to stay so low for much longer. From here, the monthly mortgage payments will increase and place a strain on the average Australian who’s struggling to get by.

3. Too much additional debt

So many people with Australian home loans also have car loans, credit cards and other personal debt. It all stacks up and becomes unbearable. In fact, this is a key reason why we start The Debt-Free Community as we wanted to help people like this.

4. Disability forces them to stop working

People often suffer a medical issue at work and can’t do their job anymore, paired with medical expenses. These people then can’t continue paying the loan which adds insult to injury.

5. A couple gets divorced

When two people decide to go separate ways, financial affairs can get very messy with a lack of communication between parties. Neither wants to pay the mortgage despite money being available for both husband and wife.

6. Death of the mortgage payer

When someone dies then their secured debt is still liable for payments, unlike unsecured debt. The loan starts to get defaulted because no one wants to pick up the load and it eventually becomes another Mortgagee in Possession case.

Before Mortgagee in Possession happens

Now before this nightmare happens to you, there are certain hoops that Australian banks have to jump through. In fact, the entire process takes several months usually.

It’s not uncommon for it to be 3 to 12 months for them to finally get those keys from you and force you on the streets. This gives you time to find alternative options including getting yourself another job.

The recovery process

Here’s what will happen prior:

  1. You’ll get a formal notice of default on the home loan. It will have important information such as how much you have defaulted on, how much you’ll need to pay and by which date. They will also add additional fees (including legal fees) that you must repay as well.
  2. They will then issue several notices of default. This is quite common in Australia. You’ll see strongly-worded statements that essentially say “This is a legal notice and you MUST pay by the due date or else”
  3. You’ll have between 1 month and up to 6 months from that 1st default notice to start paying your mortgage again. That’s a long time to look at alternative options, including a FREE discovery call.
  4. Commonly, within a few months, the homeowner does start paying again and issues are resolved without legal notices. All other repayments will come out like normal.
  5. You’ll then be hit with an “Acceleration Cause” where the entire debt is owned. Yes – they want the entire loan to be repaid immediately. That’s almost impossible for most people.
  6. The bank will then go to a local court and seek orders to get you kicked out of your own home. They will have possession and get it sold through a local real estate agent, just like you signed up for in the mortgage contract.
  7. You’ll get a date by which you need to pack your boxes up and leave. It will be a bittersweet departure.

Oh, and if you decide not to leave, then the police can show up and get you out. In other words, the bank will get the property secured by getting the residents out so they can sell it and make money.

What happens after a Mortgagee in Possession

Now you’re out on the street and the bank has your home in their hands. They are laughing all the way to the bank. (Ok that was a bad joke…)

Basically, once the property is in the hands of the Mortgagee in Possession, they will work on getting it sold ASAP. They don’t want it to be on the market for long so they will lower the price for a quick sale.

It might go to auction or straight to a private buyer who comes in with the right offer. Buyers who have cash are the type that banks love and will often get a discount if they can settle on the property within a few weeks.

Like that YouTube video shows, they will advertise it to people who are looking for bargains. This is because they know the bank will accept a lower offer if they can get the settlement done as quickly as possible.

Mortgagee in Possession Settlement disbursement

Once it is sold, there are these costs that will be paid out by the bank from the money they got:

  1. The entire mortgage balance. That’s the main one that needs to be cleared and the one you avoided paying for many months.
  2. Any expenses that they incurred when getting the property ready for sale. That includes repairing walls, mowing the grass and the real estate agent’s commissions for the sale.
  3. The costs for legal people they used during this process. That’s the expensive part!

Guess what? If there isn’t enough money to pay for all of these, then they will chase after you for the remainder. This is why it’s not a good idea to get to this extreme. Unlike the United States where you can hand the keys back and move on, you’re up for severe penalties if you do this in Australia.

Settlement for mortgagee in possession

Essentially, you could still be liable to pay up long after your own house got sold from under you. It’s scary!

At the same time, Australian law has requirements for Mortgagees in Possession to be mindful of past borrowers and their situations. They do want to get the best possible price under the circumstances, but also, they don’t want to hassle you too much if they know you’re under financial hardship situations.

How to avoid them taking your house away

It’s frustrating when you’ve worked so hard, only for them to take your pride away from you. They legally can kick you out on to the streets and sell your house to make some money.

However, before that nightmare begins, there are some things you can do.

These include:

  • Sell your home and get a smaller one. If you’re having mortgage stress, then this is often a good idea. Most people don’t need a large house and we spend most of our lives either working or sleeping in one bedroom.
  • Refinance your loan to a cheaper interest rate. You could be paying way more than what you need right now. Your current lender might offer you a better deal but if they aren’t, then go shopping and find a better rate that can reduce your monthly repayments.
  • Use a debt consolidation loan if you have other debts. Many borrowers are eligible to bring all their debts under one roof to reduce the burden and overwhelm.
  • Tell your lender that you’re having a tough time. It’s too late when they’re serving you legal notices. If you’re having a tough time today, then tell them so. Most are willing to work with you to find a suitable solution to help you with these challenges.

In summary

It’s our hope here at The Debt-Free Community that you can avoid situations when debt collectors come knocking. Coming face to face with a Mortgagee in Possession is a terrible situation because they’re going to take away your pride a joy – so many memories and you worked so hard for it!

Do what you can to maintain your home. It’s the best investment you’ll ever make in most cases and something to show for all the years of hard work you’ve done.

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How to Avoid Debt Collectors in Australia [2021 Guide]

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28 Facts About Debt Collectors in Australia

We have decided to compile an epic list of facts regarding debt collectors and collection practices in Australia. This way, the consumer can be better informed on their sovereign rights.

Facts about Australian Debt Collection

If you’re being chased right now by debt collectors for debts and money you owe, then this massive guide helps you in understanding your individual rights.

Not only that, but you’ll see where these debt collectors are able to run rings around you all day. The sort of stuff they can get away with.

Things like calling you as late at 9pm or visiting you when you have people over for a family BBQ on a Sunday. That stuff is all legal here in Australia!

You’ll be blown away by what they can do, as we reveal much more in this guide.

Let’s get right into it!

1. What is a Debt Collector?

Debt collectors in Australia are professional money finders. They chase after people who haven’t paid their taxes, phone/electricity bills, credit card, car loans or home loans. Essentially, when someone is having a tough time financially, you can bet a debt collector will be still trying to find their way to make the individual pay up!

What is a debt collector?
This is a debt collector – someone who calls people like you every single day!

2. What Happens if a Debt Collector Cannot Find Me?

After 6 years, Australian debt collectors generally will write a debt off if they haven’t been able to find you. It will still show on your credit history which could negatively impact your future. The only exception is ATO debts which can still be collected on for many years.

What happens when a debt collector cannot find an individual

Truth is, in this day and age, most debt collectors in Australia can find you very easily! They use expert tracking software, they stalk your Facebook accounts, they look at your friend’s photos and the locations. It gives them a pretty good picture of the situation. Not only that, but they have close connections with private investigators across the country.

It’s really hard to hide actually. Sometimes they have connections with big banks and they can see where your employment income is coming from, which then gives them an idea of where you work. Next minute your boss starts getting phone calls too. Scary, isn’t it?

3. How Can I Fight a Debt Collector?

You can potentially fight a debt collector in Australia by using our 100% FREE initial phone call option. If successful, those pesky phone calls, text messages, emails, voicemails and demanding letters for payments can be stopped. This involves us talking to them on your behalf to organize something suitable.

fighting a debt collector

4. What Can a Debt Collector Do?

They are allowed to call you up to 10 times per month, as late as 9pm at night. Debt collectors can also come to your house with paperwork plus follow you around on social media. Taking you to Court over the matter is something they certainly can do aswell.

debt collector entering house

5. How Do I Stop a Debt Collector From Calling?

Often they are calling you because you owe them money. If you speak to our recommended team, we can stop debt collector calls you as they can speak to us instead and we’ll tell them to stop calling you today. We’ll also stop interest and additional fees get pumped on to the original debt.

stopping debt collector calls

6. How Can I Deal With a Debt Collector?

You really have a few options for dealing with debt collectors in Australia:

  1. Speak to them directly and work out a solution (If you’re brave)
  2. If you’re too anxious, let our team do the talking (Free for you).
  3. Get help from a financial counsellor or National Debt Helpline.

Be rest assured that you need to be proactive and do something right now.

7. How do I Sue a Debt Collector in Australia?

You’ll have to engage a lawyer and go to Court to sue a debt collector, but unfortunately, almost all of them are operating legally. The magistrate often will vouch for them and you’re up for thousands in legal expenses. The best way to address the situation is to organize a payment plan and get on with life.

Suing a debt collector in Australia

8. How Long Can a Debt Collector Collect For?

Debt collectors are given a 7-year window from their last contact from the individual who’s running away from their financial obligations. The exception is the Australian Tax Office which can go for 10+ years chasing you. It’s a long time to be living in fear and anxiety.

9. What Do I Say to a Debt Collector?

The best words to say to a debt collector is “Ok. I’m having a tough time. Can we work something out?”. Often they are very open to this proposal. If you’re too scared to talk to them, then our team can do that for you.

10. How Can a Debt Collector Find Me?

Debt collectors in Australia are very smart in finding people online these days. There is always a trail and lead them to follow. Sometimes they will stalk your Facebook accounts or even hire private investigators to follow you around and see where you’re shopping every week. It’s scary!

11. Can I Pay Off a Debt Collector?

Yes – you can pay off a debt collector in either a lump-sum payment or a monthly payment plan. Most people go with the later as they are in financial dire straits. However, you cannot bribe an Australian debt collector to simply “go away” as this is an illegal practice.

12. How Do I Write a Letter to a Debt Collector?

It’s really quite easy to write letters to debt collection agencies. You just need some facts: Your reference number, your name and address plus the juicy details: Explaining why you’re having a tough time and what you plan to do in order to catch up on payments and clear the arrears.

13. What Happens if I Ignore a Debt Collector?

It’s very bad news if you ignore a debt collector in Australia, as the problem just gets worse. The debt gets bigger (more fees, more penalties and interest applied) plus they are less willing to arrange a comfortable payment plan for you. This is why you need to take action today to arrange something with a debt collection agency, since ignorance isn’t bliss.

14. How Many Times Per Day Can a Debt Collector Call?

They can call up to 3 times per week, or just once per day. Anything beyond this is a breach of Australia’s laws. The only exception is where you have provided them with an exception to call you more times, but you need to formally agree to it audibly or in writing.

15. How Much Will a Debt Collector Settle For?

Often they want the original debt amount. Let’s say you have a $10,000 debt which you owe. They probably bought it off your bank for $5,000 and are expecting to make a $5,000 profit from you. So while they will demand the original payment, you clearly have some leeway in the negotiation. A long term payment plan is our #1 recommendation.

16. Can I file a Complaint Against a Debt Collector?

Absolutely you can! If you feel they have been mistreating you, harassing you or otherwise being bad people, then you can complain to them directly. Each has its own internal term that looks after this. You might also wish to contact the National Debt Helpline on 1800 007 007 today.

17. What Do I Do After I’ve Paid the Debt Collector?

Right – so you’ve paid the lump sum or organized a payment plan to the debt collector. Now you might want to see if they will take the black marks off your credit history. The most important thing now to do is making sure a portion of what you earn each week goes towards paying off the debt.

18. How Do I Get Out of Paying a Debt Collector?

Unfortunately, it’s really hard to get away from paying debt collectors in Australia. They are a sophisticated bunch whose aim is to get as much money as they can from hard-working Australians who are doing it tough. You may wish to speak with the NDS for expert advice.

19. How Do I Stop Debt Collector Scams?

There isn’t really a thing known as ‘debt collector scams’ because they are looking for a legitimate person. These companies are sophisticated enterprises that don’t really make mistakes. They are closely monitored by ASIC and the ACCC to operate legitimately across the country, so you can’t really stop them as such.

Debt collector scams Australia

20. When Can a Debt Collector Sue Me?

Basically, debt collectors will spend months sending you demanding letters, making tough phone calls and endless SMS messages to hassle you before suing you and taking you to Court. They will sue you for the original debt amount + court costs which can amount to tens of thousands of dollars. Avoid this and take action today!

Debt collector knocking on front door

21. How Do I Pay The Debt Collector Less?

The best way to pay less money to a debt collector is with a negotiated settlement, say 20% less than the original debt amount. If you can explain your dire situation early on without ignoring them, then they are more willing to cooperate with you. Another option is with a long term payment plan over several years.

22. Who Do I Report Debt Collector Harassment To?

The best way to report debt collector harassment is by addressing your concerns to the ACCC. How do you do this? By telling them what you’ve experienced (harassing phone calls, messages, letters) and the harm that it has caused your life.

Debt collector harassment Australia

23. How Many Voicemails Can a Debt Collector Leave?

Have you received multiple voice messages from debt collectors that say “We tried to call you. Please phone us immediately regarding an urgent personal matter”? Well – they are allowed to leave up to 10 voice calls or messages each month!

Debt collectors phone calls
Debt collectors can call you and leave you voicemails as late as 9pm at night!

24. How Many Calls From a Debt Collector is Considered Harassment?

It’s widely considered that more than 10 calls per month are considered harassment and you may have grounds for compensation. That said – they can send as many letters, text messages and emails as they wish! Eitherway, you can’t escape from them as they are chasing you closely.

25. Where do Debt Collectors Work?

They mostly work in big office buildings in the main capital cities in Australia, but with COVID-19, some are working from home or on the road. In the offices, they setup like sales floors where their staff have to meet KPIs and sales targets each week. In other words, getting people to cough up money as easily as possible. Sometimes they drive past people’s houses to check if they’re home.

Debt collectors use sophisticated means to track you down.

26. What Debt Collector Do I Owe?

The best way to work out which debt collector that you owe money to is by checking your most recent phone calls, text messages and letters in the post. Each debt collector has to identify themselves by the name of the company that they are calling from.

Stop Normalizing debt
Normalizing debt is really bad

27. Can I Ignore Debt Collectors?

No. Ignoring an Australian debt collector only makes things worse. There is a famous quote “Don’t ignore or this will cost you more”. If you’re having a really challenging time, then we may be able to help.

Ignoring debt collectors

28. How Long Can a Debt Be Chased in Australia?

Debts in Australia can be chased for up to 6 years for all states and territories except for NT, but the clock resets each time you make contact with the debt collector. The ATO can chase debtors for up to 10 years. It’s really hard to run and hide from this mob as they have sophisticated tools to chase you down.

Stopping Communication With Debt Collectors

The Debt Free Community is here to help everyday Australians. Our recommended mediation service can talk to debt collectors so you don’t have to.

Imagine all those phone calls, letters, emails and text messages instantly stopping. Better yet – you don’t even have to talk to these rude people ever again!

If you’d like to discover more, then please reach out to our team today!

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Read this to STOP debt collectors in Australia from contacting you now! You’ll discover how to avoid debt collections in Australia, using this guide and the very effective service that we recommend. By the end of this post, you’ll be well informed to make the right decision. You’ve found The Debt Free Community, Australia’s #1

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How to Create a Debt-Free Christmas in 2019

For those of you struggling with debt, then this is for you! A debt-free Christmas is certainly possible. Christmas is only 2 months away, and we want you to have the best time ever. s

You might feel pressured to buy expensive presents and possibly travel to visit friends and family. You might struggle with this and run up even more debt.

Debt-Free Christmas
Let us help you make 2019 one very magical Christmas!

Australians will spend more than a billion dollars per day for Christmas 2019. Staying debt-free is fundamental, but very few people will be. Careless spending will lead to a painful debt hangover that will last throughout 2020.

Follow our management strategies for handing your money, so that you’ll avoid digging a deeper hole. Let’s help you to improve your likelihood of a great (and hopefully zero debt) Christmas in 2019.

1. Begin saving early (Right now!)

Begin putting away some of your income into a specific savings account. Not an everyday account. Allow it to build some interest, and only access it when it comes to Christmas.

In addition to begin saving early, also consider purchasing presents early. There’s always some great pre-Christmas sales bargains to be found around October every year.

2. Set a budget and stick to it

You’ll have to be realistic. Don’t go under what you’ll know that you’ll need this Christmas. At the same time, you don’t have to go big either.

Understand what you can comfortably afford. For those parents with younger children, help them to understand expectations about what Father Christmas can actually bring this year. Older kids will understand a dollar limit.

Adults today are sometimes happy to discuss dire financial situations. Some of your adult family members are likely struggling just like you. A no-gift agreement can really help make it a debt-free Christmas for everyone.

Consider reusing previous things. Christmas tree is still OK? Don’t upgrade it. Got some left over wrapping paper? You probably don’t need any more just yet.

3. Consider the bills due around Christmas

Financial obligations don’t simply stop over the holiday season. You’ll need enough set aside to pay your utility bills, plus loan and credit card payments.

Also consider that some of these may land on public holidays. Banks often will direct debit on the last business day BEFORE the due date. Keep that in mind.

Some people in the community instead opt to make monthly repayments for utility bills every week over the year. This way, come Christmas time, there’s simply no bill-shock.

4. Use price comparison websites

It doesn’t matter what you’re preparing to buy. Simply jump on Google and look up the toy or gift you’re looking to buy, and compare prices.

There’s often some great deals out there. Plenty of gifts that won’t break the bank. There’s also Facebook groups where people sell their unused Christmas gifts from last year for half the retail price.

5. Create your own presents

Years ago this was really uncool. Today, thanks to Instagram and Pinterest, people love hand-made gifts!

Those gifts don’t need to be physical / retail items. Consider hand-made recipes. Can you make kombucha? What about Kimchi? Rum balls that last a long time? Certainly some great options.

Certainly, with this approach, your investment will be minimal. Perhaps the best tip here to live a debt-free Christmas in 2019.

6. Leave the credit card at home

Going into debt is to be 100% avoided at Christmas time. This isn’t the time to do it, despite the urges to impress everyone. Very much true if you’re already struggling with debt.

Spend only the amount you have available in your bank account. Considering also your current debt obligations.

7. Obtain good financial advice

If you’re struggling this Christmas, then get in touch. We’re happy to have a chat. We’ve helped thousands of Australians already.

We’re cool. You don’t have to spend anything with us. We’re friends. Our website is here to genuinely help you today. Let us help you make 2019 the best Christmas you’ve ever had, without the burdens of debt.

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Read this to STOP debt collectors in Australia from contacting you now! You’ll discover how to avoid debt collections in Australia, using this guide and the very effective service that we recommend. By the end of this post, you’ll be well informed to make the right decision. You’ve found The Debt Free Community, Australia’s #1

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Fixing a bad credit history: An Australian beginner’s guide

Fix a bad credit history

If you’re curious on how to fix a bad credit history, then our helpful guide will be very beneficial. It’s beginner-friendly and is catered for Australians.

Many people have been rejected for loans, missed monthly payments or have suffered financial issues in their life. Unfortunately, these can continue to impact you for years down the track.

Luckily – there’s still some good news. Once you understand how your credit score operates, and what lenders observe, you can start the process towards positive changes.

Defining bad credit

Each and every event whereby you take our a debt or pay it back, you will see a record on your credit report. There are agencies such as Equifax, Experian and others which calculate a credit score. This is based on an influence of positive and (if any) negative characteristics in your credit history.

Each agency is different, and so the figures will be different. You see, the big banks generally won’t lend to those that have a credit score below 500.

A good credit score is 650 and above.

The best rates are found where your credit score exceeds 800.

You’ll find negative information in your credit history if any of the following occur:

  • Missed repayments for loans (Even just 7 days overdue)
  • Defaults on loans and credit cards (60+ days overdue)
  • Bankruptcy instances and court judgements
  • Submitting a few credit inquiries around the same time

It’s important to understand that at times, the negative information on your credit history could be due to simple user error or even stolen identity.

Personally, as someone with a very common name, this concerns me. A real case of mistaken identity would ensue if I saw a negative mark anywhere on my credit history.

Future impact of a bad credit history

Every single time that a credit or loan application is submitted, regardless of the amount, the lender will check your credit file. They do this to determine your suitability.

How to fix a bad credit history
Embarassment is common with those who have a bad credit history

Those with poor credit scores may indicate a high risk for the applicant, and a high likelihood of missing repayments. Most lenders are actively looking for red flags since the GFC days.

If you suffer from bad credit, then at times you might be flat-out denied a loan. While you can be accepted, it is likely that you’ll be offered a lower borrowing amount. This often results in in a lower borrowing amount too.

Solution to bad credit

Some lenders do offer non-conforming loans for those in such situations, but we discourage clients from going in this direction unless necessary. This is due mainly to the higher interest rates that such loans attract.

The first step is always to look at improving your credit rating for the long term. You’d want to get a hold of your credit report and look for any issues.

Anything that is an obvious mistake can be (potentially) addressed by lenders in the past. This really depends on the severity of the issue.

Going forward, do your best to avoid any type of blemish on your credit history. Our best recommendation is to ensure your bills, credit cards and loans are paid on time. Many too many credit applications at once is also detrimental to your future credit prospects.

You may also wish to consider a consolidation loan. This can assist you in reducing your interest rates, and most importantly, provide greater cash-flow to take out credit again should you require it.

Credit history isn’t everything

Whilst we recommend that you do your best to a) address past credit issues and b) stay on top of obligations, your credit history isn’t everything.

If you’ve had challenges in the past, then in some instances, we would recommend not taking out a loan or credit card again.

More debt is often NOT the solution. Focusing on knocking down your debt is fundamental for financial growth. Your credit history is a record of your performance in repaying creditors, and if you’ve struggled in the past, then going debt-free is probably a good solution, as much of our community has done.

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Read this to STOP debt collectors in Australia from contacting you now! You’ll discover how to avoid debt collections in Australia, using this guide and the very effective service that we recommend. By the end of this post, you’ll be well informed to make the right decision. You’ve found The Debt Free Community, Australia’s #1

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